Teams Make You Smarter: Learning and Knowledge Transfer in Auctions and Markets by Teams and Individuals

Boris Maciejovsky, Matthias Sutter, David V. Budescu () and Patrick Bernau ()
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David V. Budescu: Fordham University

No 5105, IZA Discussion Papers from Institute of Labor Economics (IZA)

Abstract: We study the impact of team decision making on market behavior and its consequences for subsequent individual performance in the Wason selection task, the single-most studied reasoning task. We reformulated the task in terms of "assets" in a market context. Teams of traders learn the task’s solution faster than individuals and achieve this with weaker, less specific, performance feedback. Some teams even perform better than the best individuals. The experience of team decision-making in the market also creates positive knowledge spillovers for post-market individual performance in solving new Wason tasks, implying that team experiences enhance individual problem-solving skills.

Keywords: rationality; Wason selection task; markets; auctions; team decisions (search for similar items in EconPapers)
JEL-codes: C91 C92 D03 (search for similar items in EconPapers)
Pages: 37 pages
Date: 2010-08
New Economics Papers: this item is included in nep-cbe, nep-exp and nep-mic
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (4)

Published - revised version published as 'Teams make you smarter: How exposure to teams improves individual decisions in probability and reasoning tasks' in: Management Science, 2013, 59 (6), 1255-1270

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Working Paper: Teams Make You Smarter: Learning and Knowledge Transfer in Auctions and Markets by Teams and Individuals (2010)
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